World Bank Refuses to Help El Salvador Legal Tender Bitcoin, Clarifying Environmental and Transparency Issues

The World Bank refused to provide technical assistance to El Salvador in implementing Bitcoin as legal tender. The bank cited bitcoin's "environmental and transparency shortcomings" as the reason. World Bank Won't Help El Salvador with Bitcoin Law The World Bank said Wednesday it cannot help El Salvador enforce the law that would make bitcoin legal tender. A World Bank spokesperson told Reuters: “We are committed to helping El Salvador in a variety of ways, including monetary transparency and regulatory processes.” While the government has applied to us for help with bitcoin, this is something the World Bank can support not. given environmental and transparency shortcomings. El Salvador has become the first country in the world to legally tender bitcoin after Congress passed President Nayib Bukele's bitcoin bill last week. On Wednesday, El Salvador's finance minister, Alejandro Zelaya, said that the country has sought technical assistance from the World Bank to enforce its law to use Bitcoin as a parallel legal tender with the US dollar. Zelaya also said El Salvador was "not opposed" to implementing bitcoin as legal tender after the International Monetary Fund (IMF) announced that his country would not give up the US dollar. "We have given the IMF our official position. We are not replacing the US dollar as a legal tender in El Salvador," the Treasury Secretary said at a press conference. But an IMF spokesperson said El Salvador had "macroeconomic, financial and legal problems" with its bitcoin law. Meanwhile, the Central American Bank for Economic Integration (CABEI), which has 15 member states, said it will provide technical assistance to help El Salvador implement bitcoin as legal tender. CABEI Chief Executive Dante Mossi said he is very optimistic about the move. . El Salvador What do you think of the World Bank's refusal to help El Salvador? Let us know in the comments.

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